1. What is the cost of goods available for sale?2. What is the gross profit? 2-3. The following are taken from the ledger balances of TIRA MI SOUP: Sales P74,200, PurchasesP37,900, Ending Inventory, P35,000, Sales Returns and Allowances, P18,100, Purchase DiscountsP6,000, Beginning Inventory, P18,000, Sales Discount, P15,500, Freight In,P2,000, PurchasReturns and Allowances, P2,000, Freight Out, P3,500.

Cost of goods available for sale includes beginning inventory and net cost of purchases made. Gross…

Answered: 1. What is the cost of goods available…

Business

Accounting

1. What is the cost of goods available for sale? 2. What is the gross profit?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...

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